| Wholly owned stores | September 2012 Established(1) |
September 2012 Lease-up |
September 2012 Total |
September 2011 Established |
September 2011 Lease-up |
September 2011 Total |
|---|---|---|---|---|---|---|
| Number of stores | 32 | 22 | 54 | 32 | 20 | 52 |
| At 30 September: | ||||||
| Total capacity (sq ft) | 1,941,000 | 1,491,000 | 3,432,000 | 1,941,000 | 1,356,000 | 3,297,000 |
| Occupied space (sq ft) | 1,495,000 | 815,000 | 2,310,000 | 1,452,000 | 639,000 | 2,091,000 |
| Percentage occupied | 77.0% | 54.7% | 67.3% | 74.8% | 47.1% | 63.4% |
| Net rent per sq ft | £27.00 | £26.89 | £26.96 | £26.41 | £27.28 | £26.68 |
| For the 6 month period: | ||||||
| REVPAF(2) | £23.82 | £16.75 | £20.78 | £22.61 | £14.64 | £19.33 |
| Average occupancy | 76.3% | 51.5% | 65.6% | 73.3% | 43.9% | 61.3% |
| Average annual rent psf | £26.87 | £27.06 | £26.93 | £26.40 | £27.51 | £26.70 |
| £000 | £000 | £000 | £000 | £000 | £000 | |
|---|---|---|---|---|---|---|
| Self storage income | 19,953 | 10,270 | 30,223 | 18,830 | 8,209 | 27,039 |
| Other storage related income(3) | 3,190 | 2,013 | 5,203 | 3,081 | 1,691 | 4,772 |
| Ancillary store rental income | 40 | 64 | 104 | 33 | 23 | 56 |
| Total store revenue | 23,183 | 12,347 | 35,530 | 21,944 | 9,923 | 31,867 |
| Direct store operating costs (excluding depreciation) |
(6,720) | (4,711) | (11,431) | (6,834) | (4,190) | (11,024) |
| Short and long leasehold rent(4) | (844) | (22) | (866) | (1,010) | (22) | (1,032) |
| Store EBITDA(5) | 15,619 | 7,614 | 23,233 | 14,100 | 5,711 | 19,811 |
| Store EBITDA Margin(6) | 67.4% | 61.7% | 65.4% | 64.3% | 57.6% | 62.2% |
| Cumulative capital expenditure | £m | £m | £m |
|---|---|---|---|
| To 30 September 2012 | 162.6 | 231.6 | 394.2 |
| To complete | – | 4.5 | 4.5 |
| Total capital expenditure | 162.6 | 236.1 | 398.7 |
- (1)
- The 32 established stores are those that had reached stabilisation as a portfolio in 2007 prior to the economic downturn. The lease-up stores have yet to trade at their stabilised occupancy levels. Of the 22 lease-up stores, three stores opened before 31 March 2006, six stores opened in the year ended 31 March 2007, six stores opened in the year ended 31 March 2008 and seven have opened since 1 April 2008.
- (2)
- Total store revenue divided by the average maximum lettable area in the period.
- (3)
- Packing materials, insurance and other storage related fees.
- (4)
- Rent for seven established short leasehold properties accounted for as investment properties and finance leases under IFRS with total self storage capacity of 431,000 sq ft, and one long leasehold lease-up store with a capacity of 64,000 sq ft.
- (5)
- Earnings before interest, tax, depreciation, amortisation and allocation of central overhead.
- (6)
- Of the established stores, the seven leasehold stores achieved a store EBITDA of £2.7 million and an EBITDA margin of 51%. The freehold stores achieved a store EBITDA of £12.9 million and an EBITDA margin of 72%.